The Differences Between Homeowners and Condo Insurance
No matter what type of home you own, you will need some sort of homeowners insurance; however, not all types of homeowners insurance are the same. At Mountainview Insurance, we want to help you get the right type of insurance for your home. Here are some of the differences between homeowners and condo insurance, and what each of them has to offer.
Traditional homeowners insurance can be as comprehensive or as simple as needed. Typical single-family homeowners insurance covers a wide range of elements including:
- Structure of your home – the structure of your home is normally covered against hurricane, hail, and lightning. Flood and earthquake insurance is most likely not covered, but can be bought as a separate policy.
- Your personal belongings – these might include furniture, sports equipment, and other personal items. Coverage may be against theft, hurricane, fire, or any other listed disasters.
- Liability – this covers instances when you or any other member of your family or even your pet causes damage to others. It should also cover the cost of defending yourself in court.
- Additional living expenditure – if you are unable to stay in your home because of damage caused by fire, hail, or any other listed disaster, this policy should be able to cover your additional expenses of renting another place temporarily, as well as additional costs of staying away from home.
Condo insurance policies tend to provide coverage against loss or damage to your personal property due to the following causes:
- Theft or vandalism
- Fire or lightning
- Windstorm or hail
- Water damage
- Glass breakage
As with homeowners insurance, flood and earthquake damage is not typically covered under basic insurance coverage, and you will likely require special insurance coverage. Optional coverage for a condo insurance policy may include:
- Improvements – building additions and alterations.
- Loss of use – substitute place to stay if severe damage to your unit
- Loss assessment – major injury on common property or major damage to commonly owned buildings and these are not fully covered by condo building’s insurance policy
- Personal liability – protects you from others making a claim against you for bodily injury or property damage
If you would like to know more about the differences between homeowners and condo insurance, or if you are interested in one of our insurance products, please contact Mountainview Insurance at 604-557-0255 or by requesting a quote on our website.